Try GOLD - Free
Govt to pay 30% upfront in critical mineral exploration
Mint Mumbai
|December 16, 2023
The Union government plans to make advance payments to private companies selected to scout for critical minerals to get work on these projects started quickly, a mines ministry document showed.

According to the ministry’s proposed scheme of engagement, 30% of the project cost would be paid upfront once the selected company, called a notified private exploration agency (NPEA), submits a bank guarantee equal to the value of the advance to the National Mineral Exploration Trust (NMET).
The guarantee should be valid for at least 60 days beyond the date of completion of the project and acceptance of the geological report by NMET. The guarantee will be released within 30 days of settling the advance payment.
Advance payments, a first in India’s mining sector, are expected to speed up the exploration of these minerals, in a country where mining remains dominated by public sector companies.
India recently permitted private companies to scout for 29 critical and deep-seated minerals including cobalt, lithium, nickel, gold, silver, and copper, which are hard to find and reach, compared with surface minerals or bulk minerals.
This story is from the December 16, 2023 edition of Mint Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Mumbai

Mint Mumbai
Hexaware sued for $500 million in US over patent breach
American IT services firm Natsoft Corp. has sued Hexaware Technologies Ltd for breach of contract and patent infringement, seeking $500 million in damages from the latter, in one of the biggest patent cases against an Indian IT firm.
3 mins
October 03, 2025

Mint Mumbai
A seven-seater SUV with a touch of style
The Volkswagen Tayron brings refined European flavour to the three-row SUV space, offering premium interiors and features
3 mins
October 03, 2025

Mint Mumbai
Thyssenkrupp-EP Group JV ends, Jindal gains clear run
EP Group agrees to exit the talks, returning its 20% stake in Thyssenkrupp Steel Europe
2 mins
October 03, 2025

Mint Mumbai
India gets $13 billion investment pledges to make electronic parts
India’s scheme offering incentives to create an electronics component supply chain has generated strong interest as the Centre received 249 applications, proposing investments totalling $13 billion (₹1.15 trillion), according to Union information technology (IT) minister Ashwini Vaishnaw.
1 mins
October 03, 2025
Mint Mumbai
Russia looking to 'escalate': Zelensky
Ukraine’s president Volodymyr Zelensky warned Europe on Thursday that recent drone incursions showed Russia was looking to “escalate” its aggression, as he offered his country’s war-honed expertise to help counter the threat.
1 min
October 03, 2025

Mint Mumbai
Auto parts cos grow abroad, following Motherson model
Companies scout for global opportunities in forgings, castings, interiors and electronics
3 mins
October 03, 2025
Mint Mumbai
Hackers extort executives after claiming Oracle apps breach
Executives and technology departments at large organizations are being extorted by a notorious ransomware group that claims to have stolen their data from a suite of popular Oracle Corp. applications.
1 min
October 03, 2025

Mint Mumbai
Instant grocery delivery is going luxe to stand out
Blinkit joins the race as it expands to ozone-washed fruits and artisanal breads to cheese
2 mins
October 03, 2025
Mint Mumbai
Apple puts Vision Pro revamp on back burner
Apple Inc. has hit pause on a planned overhaul to its Vision Pro headset to redirect resources toward a more urgent effort: developing smart glasses that can rival products from Meta Platforms Inc.
1 min
October 03, 2025

Mint Mumbai
The latest attack on H-IBs has bipartisan support in America
Trump’ anti-immigration agenda could prove to be a vote winner
3 mins
October 03, 2025
Translate
Change font size